Crude oil pushed higher in early turnover as trade talks between the world’s two largest economies took a positive shift. Trade talks between the US and China were extended into a third day as both sides made conciliatory noises about ending the trade dispute that has weighed heavily on global markets. The originally planned two-day meeting was extended as talks continue on US agricultural goods and US access to Chinese markets, according to media reports.
Crude Oil Price Likely to Push Higher on US – China Trade Hopes
And according to Arab Petroleum Investments Corporation (Apicorp), barring a sharp slowdown in the global economy, the price of crude should trade between $60/bbl. and $70/bbl. by H2 2019 as the market continues to balance itself out.
In addition, the latest API report showed a much larger-than-expected drawdown in US crude oil inventories – 6.1 million bbl. per week compared to expectations of 2.7 million bbl. – supporting the price of US crude.

How to Trade Oil – Crude Oil Trading Strategies

The latest daily price chart shows Brent touching $60/bbl. a three-week high, and continuing its rally of the December 26 low of $50.25/bbl. Oil is also trying to trade above both the 20- and 50-day moving average and is eyeing the 61.8% Fibonacci retracement at $60.63/bbl. Above here a new target area opens up between the December 7 high at $63.80/bbl. and the 50% Fibonacci retracement at $65.60/bbl.